The Corner

AIG RIP

This is pretty incredible.  It sounds like the deal is not closed, but is expected to close very shortly.

Hopefully the Fed is basically providing some kind of a short-term bridge for the private deal to take over AIG that has apparently been in negotiations for some time.  Failing that, hopefully they can engineer some solution that wipes out the stockholders and bondholders, but contains the counterparty risk.

Jim Manzi is CEO of Applied Predictive Technologies (APT), an applied artificial intelligence software company.

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